On 11 February 2011, the German parliament passed the Act to Strengthen Investor Protection and to Improve the Operation of Capital Markets (Gesetz zur Stärkung des Anlegerschutzes und Verbesserung der Funktionsfähigkeit des Kapitalmarktes – AnsFuG) which will introduce significant changes to the regulation of German open-ended real estate funds.

The German Investment Act in its current form requires German investment management companies to grant investors of open-ended real estate funds the right to redeem the fund shares on each business day. This has led to problems in the past: some investment management companies made use of their "emergency right" under the Investment Act and closed the fund (for example; redemptions were not accepted for a specific period of time).

The AnsFuG introduces the option of the investment management company to redeem the fund units of open-ended real estate funds only on specific dates (at least once a year). Furthermore, it provides that redemptions exceeding EUR30,000 in a calendar half-year are only allowed after a two-year holding period. Redemption discounts (that were discussed throughout the legislative procedure) were eventually not introduced by the AnsFuG.

Existing investors are exempted from such exit requirements. However, the new rules apply for real estate funds established after 1 July 2011 and for existing real estate funds the latest as of 1 January 2013. The AnsFuG therefore requires investment management companies to implement new processes for monitoring and assessing redemption requests by investors.